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A private letter ruling from the Colorado Department of Revenue concluded that the state law for partnerships formed for investment in federal and state low-income housing tax credit (LIHTC) developments follows the federal law.
The Kentucky Housing Corporation announced in an email Dec. 19, 2019, that it released the income averaging compliance policy. The federal Consolidated Appropriations Act of 2018 established income averaging as a permanent third set-aside election for new low-income housing tax credit developments.
The Georgia Department of Community Affairs (DCA) sent a notice Dec. 13, 2019, regarding utility allowances and other services for rental housing tenants.
The National Council of State Housing Agencies (NCSHA) released updated model forms Oct. 4 for low-income housing tax credit (LIHTC) compliance monitoring.
The Mississippi Home Corporation issued Program Bulletin #19-2308 Aug. 23, focused on 2019 development financial analysis reports for the state of Mississippi. The memo, sent to developers, owners and management agents of low-income housing tax credit properties, provides information on the Development Financial Analysis Report (DFAR), including a due date of Sept. 3 for the 2018 reporting period. The memo also clarified how to submit a DFAR and stated that first-time reporters must include loan closing documentation and existing reporters must include loan modification documentation. The memo also warned that failure to submit or properly complete the DFAR by the deadline would result in noncompliance fees and reporting to the IRS for noncompliance.
House Stopgap Bill; Treasury and HUD Housing Finance Reform Plans for Fannie Mae and Freddie Mac; Rental Assistance Demonstration Revised Notice; 2019 NMTC Allocation Round; Updated Opportunity Zones FAQs; Department of Commerce Comment Request on Opportunity Zones; FY 2020 Fair Market Rents; Cross Refined Coal LLC and USA Refined Coal LLC vs. the Commissioner of Internal Revenue; California A.B. 10
As more and more developers are exploring the average income minimum set-aside, one of the looming questions is how income limits should be calculated for units that are not using the 50 percent and 60 percent limit that are published by HUD for low-income housing tax credit (LIHTC) and tax-exempt bond developments.
The Utah Housing Corporation will present a tax credit compliance training session Sept. 25 in West Valley, Utah. The session topics include a compliance manual update, fair housing, certification and documentation, and more. The registration deadline is Sept. 13. Visit www.utahhousingcorp.org for more information.
The Mississippi Home Corporation issued a memo June 5 to developers, owners and management agents of low-income housing tax credit properties regarding its website, www.MSHousingSearch.org. Due to a lack of funding, the website was deactivated May 31.
The California Tax Credit Allocation Committee (CTCAC) issued a notice to program participants May 31 regarding compliance manual updates. Changes include updates to manager’s unit and transfer events; Internal Revenue Code Section 42 lease rider/addendum; updates to reverse mortgage, anticipated wages and other payment resyndications; updated pay-stub policy, negative verification policy and project status reports; updates to unemployment income; and the Consolidated Appropriations Act of 2018.
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